Primoris Services (NASDAQ:PRIM) Trading Up 5.6%

Shares of Primoris Services Co. (NASDAQ:PRIM) were up 5.6% during trading on Wednesday . The company traded as high as $52.35 and last traded at $52.30. Approximately 182,960 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 551,495 shares. The stock had previously closed at $49.51.

Primoris Services Stock Up 1.1 %

The business’s 50-day moving average is $52.75 and its two-hundred day moving average is $49.11. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of 20.60 and a beta of 1.07. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.41 and a current ratio of 1.41.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Monday, August 5th. The construction company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.39. Primoris Services had a net margin of 2.56% and a return on equity of 14.81%. The company had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the business posted $0.80 earnings per share. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities analysts anticipate that Primoris Services Co. will post 2.82 earnings per share for the current year.

Primoris Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.24 dividend on an annualized basis and a yield of 0.44%. Primoris Services’s payout ratio is 9.06%.

Hedge Funds Weigh In On Primoris Services

Institutional investors have recently modified their holdings of the business. CWM LLC increased its stake in Primoris Services by 25.1% during the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company’s stock worth $55,000 after purchasing an additional 220 shares in the last quarter. FSC Wealth Advisors LLC acquired a new position in shares of Primoris Services in the second quarter valued at approximately $70,000. Canton Hathaway LLC bought a new stake in shares of Primoris Services during the second quarter worth $100,000. Innealta Capital LLC acquired a new stake in shares of Primoris Services during the second quarter worth $108,000. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in Primoris Services in the 2nd quarter valued at $119,000. Institutional investors own 91.82% of the company’s stock.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.